Towergate Underwriting Group has confirmed it has signed a heads of terms agreement with Hill House Hammond to acquire part of its specialist scheme business.
Towergate chief executive Tim Johnson, said: "We have long had a high regard for Hill House Hammond's scheme expertise and the acquisition is a perfect fit with Towergate's own scheme portfolios.
"This latest deal marks the commencement of our second stage acquisition programme."
Towergate said the schemes represented almost £14m in gross written premium to be added to the £200m which the company already handles.
It said the company anticipated providing non-standard product support to NU Direct.
